Comments on: Lending and Credit: “Universal Default” is Out of Control http://www.bizzyblog.com/2005/07/29/universal-default-is-out-of-control/ The Business End of the Blogosphere Sun, 23 Nov 2008 10:27:34 +0000 http://wordpress.org/?v=2.5 By: Mark Schlicher http://www.bizzyblog.com/2005/07/29/universal-default-is-out-of-control/#comment-19668 Mark Schlicher Sat, 08 Jul 2006 07:37:29 +0000 http://www.bizzyblog.com/?p=333#comment-19668 Here's a kicker. I called MBNA in January about my credit line. They aggressively tried to sell me an equity line of credit to transfer my balance to. I finally agreed to allow them to quote me on a refinance. "What could be the harm?" I thought. .Apparently this is the "mortgage application" that triggered my universal default rate increase to 20.74%. My credit is fine, no late payments anywhere. A call to MBNA netted nothing. Now in the process of sending a formal written complaint, based on never receiving any notice whatsoever. Here’s a kicker. I called MBNA in January about my credit line. They aggressively tried to sell me an equity line of credit to transfer my balance to. I finally agreed to allow them to quote me on a refinance. “What could be the harm?” I thought. .Apparently this is the “mortgage application” that triggered my universal default rate increase to 20.74%. My credit is fine, no late payments anywhere. A call to MBNA netted nothing. Now in the process of sending a formal written complaint, based on never receiving any notice whatsoever.

]]> By: TBlumer http://www.bizzyblog.com/2005/07/29/universal-default-is-out-of-control/#comment-10904 TBlumer Sat, 13 May 2006 14:31:39 +0000 http://www.bizzyblog.com/?p=333#comment-10904 #1, it is truly sad. It's like having your rent raised by the landlord because you didn't pay your electric bill on time. They sometimes give you a chance to close your old account and keep the old terms without having to pay your balance off in full, but that stuff gets mixed in with all the other garbage that comes with your statement and is easy to miss. #1, it is truly sad. It’s like having your rent raised by the landlord because you didn’t pay your electric bill on time.

They sometimes give you a chance to close your old account and keep the old terms without having to pay your balance off in full, but that stuff gets mixed in with all the other garbage that comes with your statement and is easy to miss.

]]> By: Peter Haase http://www.bizzyblog.com/2005/07/29/universal-default-is-out-of-control/#comment-10902 Peter Haase Sat, 13 May 2006 12:29:15 +0000 http://www.bizzyblog.com/?p=333#comment-10902 Your article explains what happened to us this month. First MBNA raised our rate to 24.99%. Never missed or been late with a payment. I called and all I got was deaf ears. Next few days I received my AARP Visa bill which recently was acquired by Chase from First Bank some time back and the rate on that went to 23.99%. Guess I got a 1% discount since I am a AARP member. Fortunately I have the liquid assets to pay off and close these cards and tell them to kiss off. I will make sure in the future if I get a card to make sure there is NO Universal default clause. I am surprised that the AARP Visa followed suit. Called, same story, deaf ears. I think it is outrageous that these companies, MBNA and CHASE use these types of tactics. I have had my AARP visa for years, and have been a good customer, paid the whole balance off a few times etc. Your article explains what happened to us this month. First MBNA raised our rate to 24.99%. Never missed or been late with a payment. I called and all I got was deaf ears. Next few days I received my AARP Visa bill which recently was acquired by Chase from First Bank some time back and the rate on that went to 23.99%. Guess I got a 1% discount since I am a AARP member. Fortunately I have the liquid assets to pay off and close these cards and tell them to kiss off. I will make sure in the future if I get a card to make sure there is NO Universal default clause. I am surprised that the AARP Visa followed suit. Called, same story, deaf ears. I think it is outrageous that these companies, MBNA and CHASE use these types of tactics. I have had my AARP visa for years, and have been a good customer, paid the whole balance off a few times etc.

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